What is Long-Term Care Insurance?
Many people are surprised to learn that neither health insurance nor Medicare would pay for extended long-term care services in the event that they were needed. The average stay in a private nursing facility in Kansas is $85,000/year. Home-health care is a less expensive option but still averages a cost of about $20/hour or roughly $45,000/year. These costs, if paid out of pocket, could quickly deplete a family’s savings even to the point of a Medicaid spend-down. This could mean a loss of assets that were meant to be passed down to family heirs.
In the event of a disability or chronic illness, which makes you unable to perform at least two of the Activities of Daily Living (ADLs), Long-Term Care Insurance can help pay those bills. There are six basic ADLs: eating, bathing, dressing, toileting, walking and continence.
Applying for Long-Term Care Insurance can be tricky, so the earlier you can plan, the better. There are many different options to fit your needs and budget which will help protect you against the financial burden of long-term care. To review your plan, call our office to schedule a free appointment.